Securities code: Bohai Leasing Co.Ltd(000415) securities abbreviation: Bohai Leasing Co.Ltd(000415) Announcement No.: 2022009 Bohai Leasing Co.Ltd(000415)
Announcement on insufficient payment of principal of the company’s phase II ultra short term financing bonds in 2019
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions. Special tips:
1. Bohai Leasing Co.Ltd(000415) (hereinafter referred to as “the company”) shall, on March 2, 2022, pay the interest from June 5, 2021 to March 1, 2022 and the principal of the second phase of ultra short term financing bonds in 2019 (bond abbreviation: 19 Bohai Leasing Co.Ltd(000415) scp002, bond code: 011902932).
2. Affected by covid-19 epidemic, the company has short-term liquidity and is unable to pay the principal and interest of current bonds in full. In order to steadily resolve the cashing risk of current bonds, the company held the first meeting of the holders of the second phase of 2019 ultra short term financing bonds in 2022 at 11:00 a.m. on February 24, 2022. According to the actual situation of the company, the company applied to cash 5% of the principal and full maturity interest of “19 Bohai Leasing Co.Ltd(000415) scp002” on schedule, and the remaining bond principal was extended for 270 days, However, the relevant proposal was not passed by all the holders.
3. Although the extension proposal was not passed by all the bondholders, in order to fully safeguard the interests of creditors, the company still cashed 5% of the principal and full interest due of “19 Bohai Leasing Co.Ltd(000415) scp002” to all the bondholders through Shanghai clearing house on March 2, 2022 according to the extension plan. The remaining principal of 475 million yuan was not paid on time. The company sincerely apologized to all bondholders of “19 Bohai Leasing Co.Ltd(000415) scp002”.
1、 Basic information of current bonds
1. Name of issuer: Bohai Leasing Co.Ltd(000415) ;
2. Full name of bonds: Bohai Leasing Co.Ltd(000415) 2019 phase II ultra short term financing bonds;
3. Bond abbreviation: 19 Bohai Leasing Co.Ltd(000415) scp002;
Bond Code: 1900132;
5. Issue amount / bond balance: 500 million yuan;
6. Issue date: December 10, 2019;
7. Issuance period: 270 days;
8. Value date: December 13, 2019;
9. Original maturity date / original payment date: September 8, 2020;
10. Interest rate: 3.98%;
11. Lead underwriter and duration management organization: China Merchants Bank Co.Ltd(600036) (hereinafter referred to as ” China Merchants Bank Co.Ltd(600036) ); 12. Value date of the first extension: September 8, 2020;
13. Maturity date after the first extension / principal payment date after the first extension: June 5, 2021;
14. The first extension period: 270 days;
15. First extension interest rate: 3.98%;
16. Value date of the second extension: June 5, 2021;
17. Maturity date after the second extension / principal payment date after the second extension: March 2, 2022;
18. The second extension period: 270 days;
19. Interest rate for the second extension: 3.98%.
2、 Convening and voting of shareholders’ meeting
At 11:00 a.m. on February 24, 2022, the company held the first meeting of the holders of the second phase of 2019 ultra short term financing bonds in 2022, and considered the proposal on the third extension of the principal of “19 Bohai Leasing Co.Ltd(000415) scp002” and other relevant proposals.
The company applies to pay the full due interest of “19 Bohai Leasing Co.Ltd(000415) scp002” on the cashing date of the current bond, i.e. March 2, 2022, and cashes 5% of the principal of the bond, i.e. RMB 25 million. Since it will take some time for the company’s production and operation to recover from the epidemic, the company applied for the remaining principal of 475 million yuan to continue the extension for 270 days, and the coupon rate during the extension period is still 3.98%.
There are 4 holders who agree to the proposal, and the total face value of “19 Bohai Leasing Co.Ltd(000415) scp002” is 400 million yuan, accounting for 80% of the voting rights held by the holders of “19 Bohai Leasing Co.Ltd(000415) scp002”; There is one holder who opposes the proposal, and the total face value of “19 Bohai Leasing Co.Ltd(000415) scp002” is 100 million yuan, accounting for 20% of the voting rights held by the holders of “19 Bohai Leasing Co.Ltd(000415) scp002”; 0 holders abstained from the proposal.
According to the provisions of Article 24 of the guidelines for default and risk disposal of debt financing instruments of non-financial enterprises in the inter-bank bond market (zsxf [2019] No. 161), the extension scheme can only be adopted with the consent of all holders of debt financing instruments in the current period.
The above proposal was not approved by all holders of current debt financing instruments, and the extension plan was not adopted. See the website of Shanghai clearing house for the announcement of the resolution of the shareholders’ meeting（ https://www.shclearing.com.cn. ）。 3、 Payment of current bonds
Due to the continuous negative impact of covid-19 epidemic on the global aviation industry, the company still faces the risks of rent delay, rent default and lessee bankruptcy of some airlines, and the company’s main aircraft leasing business has been greatly impacted. With the popularization and promotion of vaccines, the global aviation industry is slowly recovering from the impact of the epidemic, and the operation of the company is gradually improving. In 2021, the company is expected to achieve an operating revenue of 26 billion yuan to 29 billion yuan, and a net profit attributable to shareholders of listed companies is expected to be a loss of 650 million yuan to 1.3 billion yuan, a decrease of 83.13% – 91.56% over the same period of the previous year. Although the operation of the company has begun to recover gradually, the short-term liquidity is still tight and unable to pay the principal and interest of the current bonds in full.
In order to fully safeguard the interests of creditors, although the above extension proposal was not passed by all holders, the company still paid the full due interest of “19 Bohai Leasing Co.Ltd(000415) scp002” on March 2, 2022 according to the extension plan, and cashed 5% of the principal of the bond, that is, 25 million yuan. The company will continue to actively maintain communication with all holders and negotiate the remaining principal payment plan.
4、 Other overdue debts of the company and its subsidiaries
The company, its wholly-owned subsidiary Tianjin Bohai Leasing Co.Ltd(000415) Co., Ltd., its SPV and its holding subsidiary Hengqin International Financial Leasing Co., Ltd. are overdue due to short-term liquidity constraints.
As of February 28, 2022, excluding “19 Bohai Leasing Co.Ltd(000415) scp002”, the total overdue principal and interest is 7.848 billion yuan, including 6.580 billion yuan of overdue principal and 1.268 billion yuan of overdue interest.
5、 Impact on the company and countermeasures taken by the company
The winter is over and the spring is ready. 2022 is a key year for the company’s business recovery and expansion. The company will actively seize the market opportunities of the continuous prosperity of the container leasing market and the recovery of the global aviation industry, actively expand its business and improve the operating performance of the company’s container leasing business and aircraft leasing business.
At the same time, by further strengthening the level of refined management, increasing the operational collection of domestic subsidiaries and dividends of overseas subsidiaries, take multiple measures to supplement the company’s liquidity, fully raise debt repayment funds, alleviate the company’s short-term liquidity pressure and gradually realize the normalization of the company’s debt.
Thanks to the understanding and support of all creditors to the company, the company will continue to actively communicate with the bondholders of “19 Bohai Leasing Co.Ltd(000415) scp002” and the lead underwriter, negotiate a stable debt solution, try its best to reach the solution of the cost term bonds, try its best to protect the rights and interests of all creditors and actively and steadily resolve the possible relevant legal risks.
The company will timely fulfill the obligation of information disclosure according to the progress of overdue debts. The information disclosure media designated by the company are securities times, Shanghai Securities News and cninfo（ http://www.cn.info.com.cn. ）, please refer to the information published in the above designated media for relevant information. Please pay attention to the investment risks. It is hereby announced.
Bohai Leasing Co.Ltd(000415) board of directors March 2, 2022
